Bitcoin up 8 per cent as Musk says Tesla will ‘likely’ accept currency again

Elon Musk said the price of bitcoin rose eight percent because Tesla was “likely” to accept the cryptocurrency again.

The entrepreneur announced in May that his electric vehicle company was suspending the use of bitcoin to buy its cars out of concern over the environmental impact of digital mining.

Bitcoin, the cryptocurrency that has seen the biggest sell-off since Mr Musk announced it, earlier this week dropped below $30,000 for the first time in 2021.

According to Coindesk on Wednesday afternoon, the price of bitcoin is up 8.53 percent in 12 hours.

The technology billionaire was speaking with Twitter CEO and leading crypto advocate Jack Dorsey at The Word conference on Wednesday.

“It looks like bitcoin is shifting heavily toward renewable energy and a bunch of heavy-duty coal plants that were being used … have been shut down, especially in China,” Mr. Musk said.

“I would like to do a little more diligence to confirm that the percentage of renewable energy use is likely to be 50 percent or more and that number has a tendency to increase. If so, Tesla is the most likely to accept bitcoin. Chances are.”

And he said that both he personally and his high-profile companies had held onto bitcoin as the price fell.

“SpaceX, Tesla and I have bitcoin,” he said.

“We are not selling any bitcoins, nor am I personally selling anything, nor is SpaceX selling any bitcoins.”

Tesla revealed in February that it had invested $1.5 billion in bitcoin, and had sold some in the first quarter of 2021 for a profit of $101 million.

The company began accepting bitcoin for its vehicles in March and reversed 49 days later.

“I can pump but I don’t dump,” said Mr. Musk.

“I certainly don’t believe in getting overpriced and selling or anything like that. I want to see bitcoin succeed.”


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